GBP/USD falls as Brexit lands in May’s hands

0

Brexit is almost here. The British government led by Prime Minister Theresa May now has the authority to trigger Article 50 of the Lisbon Treaty, notifying the European Union that Britain is leaving.

The Brexit Bill was returned to the House of Commons with amendments from the House of Lords. These were related to sensitive issues: the rights of EU citizens living in the UK and the involvement of parliament in the EU exit details.

However, the debate in the House of Commons did not last too long. Despite growing opposition and a narrower margin, the lower house rejected the amendments quite swiftly. It was then returned to the upper house and now the government can officially trigger Brexit.

May and her colleagues will probably act in the last week of March. Some have circled Monday, March 27th as the Brexit date.

GBP/USD was somewhat indifferent to the debates in the British parliament, which were mostly held during the US session. However, the pound begins falling in the European session.

Pound/dollar currently trades at 1.2139, after already reaching a low of 1.2124, which is low support.

If the 1.2120 level is lost, the next cushion awaits only at the 1.20 level. Resistance is at 1.2250.

More: Brexit hurts more than Trump

Get the 5 most predictable currency pairs

About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

Comments are closed.